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    ReSA The Review School of Accountancy Tel. No. 735-9807 & 734-3989 fini hn : aoe Tene PRACTICAL ACCOUNTINGD £6. Mberital. Espenilia Property, Plant and Equipment |. The Mine Company imports @ new machine a a peso equivalent of P330,000. ‘The company has o poy adsitonal cot of importing the aset such as P10,000 import dti and"FI3.000 non-refundable putctase tere. Costs of ransporing the att was 3:00 si eos Ot preperng HE HR ie nae ee 5.0 nntaon. How much she intial carne new sachs 2 rio 00 enaco t Pass000 Caspu0s.o00 On September 1, 2010, Mendez Corporation purchased a new machine on a detred payment basis. A down ‘Payment of P20,000 was made and 4 annual instalments ofP60,000 each are to be made beginning on Sector |. 2010, The cash equivalnt price ofthe machine ves P230,000, Duc to an employee sire, Mendez eel nok insal he machine immediately, ard thus incure€ P3,U0OBT siorage cost. Coss of installation (excluding the Storage coats) amounted to P8000, The aout a MCs te con afte machine 2. 7230000 ‘ ( P238}000 ‘ Hots 3. Testure Company purchased a new machinery on fairy 2, 2010 and incurred Ae Phlowing ves oper expt eae lnveiee price of machinery, P1,$00,000; Cash discount take onthe machinery, P7S,000; Freight on the new smachine!F25,000; Cost of moving an ld machina to mew lositon” 13500; Reetked eee aching 725,00; Operating con daring fst month a rear aye, 7150000. {What nthe se ie oe Ser Fa inte ed ie new oy n19%000 & P1550000 8 Aseons ua tik foie se 4 Comer Company buys a dilvery van witha fist price oF P300,000. The dealer grants a 15% redvtion in fist corr I danas 2% cb Gc ene ify mae SOdayThecoapan pane 173.00 to haves special hor stale, What shoud Bethe eoed et oe se @) P249,900 ©. P253,900 210908 ‘b P252,900 4. P256,900 — 5. etn Corporation ened int conic to aur anew machin fis factor. The machine wich hod « cash price 72,000,000 was pd fos Down payment a0n.000 PP 210-0 Notes payable in 3 equal su.mual installments - 1.200.000 trp, 8000 24,000 shares of ohn common sdk par P25; ie vals PAD persire’ an) 2,400,000, S900) Wee macine' we. nstliton cos of 59,000. ‘The machine hasan eximated salvage of #100000 What is the cost of the macine for financial accouating purposes? 2,000,000 s. 92,055,000 b) P2,050,000 4. 72,455,000 coe & on Ferry 2 2010 Youth Company purchased» mace fom EASES in exchange 9 non ine aig tt recur a ppm of PRON The fa momen na ee OUI andthe tera ds snl on February 2 A ci finns hee ne 2 1ype of note was 86 eset vae VY} cae a et : Ferfod Pv oferdiaary annuityot at {1% BV of annuity in advance of bat 11% 7 4712 S231 4 S146 5712 Moats the crying value ofthe machine o be reported by Youh Company on Febrery 2.2010? a paneoan eiraaan tee Siero at GB) Pattsto ah m4s6.960 Sem 692 X S.No page 1063 416g Arsen 0 ‘oie os few, Bante 5 BY nth J tes dmpeesnsi bert te oy Laoyiges dep ___Property, Plant & Eauipment P50 par weasary ordinary shares fra parcel fof Tang to be held fora future plant ste. The treasury shares were acquired by Smart at w cost of P6O per shar. Shans ei she ad ne asf ta on Obes 120 bu the patel ad eo ‘cterminable fair valve, “Smart received P50.000 Yr the sele of scrap when an existing sruciure on the site ‘was razed. At what aniount should the land be inially curried? p90 ag 1 PS00,000 ‘e) 930,006 95 Me ‘5. 600,000 &. P700,000 woe & Darin Jun Company exclanged its equipment which has a carrythg aout of P2,000,000 for other ing 2. omar ne umn mAh a eon te (2) P2,1 09,000 & P100,000 gain d. 2,000,000 & PL00,000 gain it po 9. tn June 2009, Globe Company scqured a machine in exchanged for s nonsmonetary asst with 2 cost of fos seen 120,000 and an secumutted depreciation of 600,000 and paid a cash cfference of P160,000. The market ‘ale ofthe non-monetary mss was determined to be P6SO,000 ed B19 6049 -2100G09 Question 1; Ifthe exchange has commercial substance, what would be the cost of the new asset acquired and the amount of ‘reagent eee a. P440,000 & P 50,000 ~HfOoD- (oor Wes COK b. P#40,000 & P210,000 jestion 2: Ifthe exchange lacks the necessary commercial substarog, what would be the coat ofthe new asset ecopnized, respectively? Acquired and the amount of gan lo aio, 1000 & P $0,000 » P760,000 & Po. ©. P810,000 & P 50,000 Geoons 1 P760,000& P50.000 4 avoow0 & P2t0.000 —te020, |, During 2040, Webster Company exchanged is old van costing P9S0,000 with an accumulated depreciation uf £200,000 with a another van, The far market value ofthe new van was established at P700,000. To equalize the trade, Webster was roquited to pay an ational amount of P90,000, ciraren Question 1: Assuming thatthe vash lows ofthe usset received differ from the eash flows of the asset given. Nhat is the cost of the newly acquired ven and the amount of los to be recorded in the books of Webster, cspectively?| 'a,) 700,000 & P140,000 €. P700,000& FO Giewen = FEveeD bh 790,000 & P140,000, ¢. 790.0008 PO = (e000 uestiun 2: Assuming thatthe cash flows of the asst received does not differ from the cashflows of the asset ‘sn. What is the cost of the newly acquired vin and the amount of loss to he recorded in the books of ‘ister, respectively @ Met (2°) 700,000 & 140,000 & P700.000& PO NekErvexv) 700 -HPghEe = (10) Jp foes 199,000 & 140,000 31790008 PO teen 2 4} On March 31, 2010, Winner Enterprises traded in an ol machine having.a car oF PI,600,000 and uid a cash difference of P600,000 fora new mashing having atoll eash price of 82.0 ‘Question 1° What amount should the new machine be inally recorded? & OP a. P600,000 e. P1,600.000 yin Lay b PI.400,000 @P2,000,000 So0k juestion 2: On March 31, 2010, wh on should Winner recognize on this exchange? 14 3 P600,000 00.000 ; & Paoo.o00 ro ACM 10M

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